Insana nails it.

It is also called denial or the inability to distinguish between cyclical issues versus structural shifts, for example.   Such as using monetary policy to deal with demographic issues.   Stabilization policies or structural reform?   Call in the IMF or World Bank?  Or the Pope?

Markets In The Land Of Pharaoh

It does feel the markets are in Egypt, however.  The land of de Nile.

The post-war international order is more at risk of unraveling – and we are not saying its demise is imminent – than is currently priced.
– Global Macro Monitor, July 11, 2018